• Business

    NECA Projects Economic Contraction In Second Quarter Of 2020

    Nigeria’s economy is projected to contract in the second quarter of 2020 due to the six weeks lockdown on some parts of the country, Nigeria Employers’ Consultative Association (NECA) has said. In a statement reacting to the latest Q1 2020 Gross Domestic Product (GDP) report released by National Bureau of Statistics (NBS) which said that Nigeria’s economy grew by 1.87%, NECA said the real impact of COVID-19 on the economy would be felt in the Q2 GDP result due to the commencement of the lockdown in April. It stated that the slowdown in the GDP growth reflects the earliest effects of the disruptions on non-oil economy, coupled with an escalating…

  • Business

    Okonjo-Iweala Recommends Economic Restructuring

    The former Managing Director of the World Bank said Nigeria has several sources of revenue it should tap to create employment for the teeming masses. According to her, Nigeria and other African countries must look at other sources of revenue to cushion the economic impact of dwindling oil prices. She called on Nigeria to look into the tourism, and creative sectors, among others, to shore up revenue. “There will be business cycles with commodity prices. What you also need to do is make the economy less dependent on these commodities,” she said. Okonjo-Iweala said learning how to task these sources of revenue should be a long-term plan. “And that is…

  • Business,  Education,  Politics,  Public Opinion,  Trends,  Uncategorized,  what you don't know

    HE MADE ME A GRADUATE- Icon Nixion Odimbu speaks

    Let me simply say thank you Barr. Chiedu Joseph Ugbo for your unflinching love and limitless support throughout my University Education (Diploma/Degree). Opening my notepad to write you this piece, I have struggled about what should be the title. I thought i should say ‘EDUCATION’ or ‘LOVE’ as an attempt to unravel the phenomenal you have become yet I may not do enough because those that have defined ‘EDUCATION’ & ‘LOVE’ without your perspective might have committed intellectual sucide. And if I say ‘DESTINY HELPER’, I would only end up making this about me but of course it’s beyond me, for your selflessness have an impressive broad base and reach.…

  • Business

    G20 Energy Ministers Scramble To Finalise Oil Output Deal

    G20 energy ministers held virtual talks Friday as major oil producers scrambled to finalise output cuts to shore up prices, with Mexico announcing a deal with the United States that could end an impasse. Mexico was the lone holdout in an OPEC-led agreement reached after marathon overnight talks that would see output slashed by 10 million barrels per day in May and June. The standoff had cast doubt on efforts to bolster oil prices, pushed to near two-decade lows by the demand-sapping coronavirus pandemic and a Saudi-Russia price war. The G20 talks, hosted by top exporter Saudi Arabia, are expected to seal the deal more widely with non-OPEC countries in…

  • Business

    OPEC Members Except Mexico Agree To Output Cuts

    Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said Friday, after marathon talks to counter a collapse in prices. The videoconference led by the Organization of the Petroleum Exporting Countries has been seen as the best chance of providing support to prices, which have been wallowing near two-decade lows due to the coronavirus pandemic and a price war between key players Saudi Arabia and Russia. The agreement, which also reduces production by eight million bpd from July to December, depends on Mexico’s consent for it to take effect, the oil cartel said after the meeting. The virtual meeting…

  • Business

    He said it in 1987 and in 2008 — now he’s saying it again: You’ll never see better bargains in the stock market

    ‘I think this is a maybe once in a lifetime opportunity to buy stocks at bargain prices.’ That’s John Rogers, chairman of Ariel Investments, urging investors in an interview Wednesday night on CNBC to take advantage of the stock market’s recent plunge. Rogers cited Sir John Templeton’s advice that the time to buy is “when there’s maximum pessimism.” And, with the coronavirus pandemic sparking wild swings, that time, he says, is now. “We’ve been around 37 years at Ariel, and I know I said that ‘once in a lifetime’ chance to buy in ’87 and again in 2008, but I do really think this is an opportunity to take advantage…

  • Business

    Trump Says U.S. Isn’t ‘Built to Be Shut Down’ Over Virus

    President Donald Trump said the American economy can’t remain slowed for too long to fight the coronavirus, declaring that the country “was not built to be shut down.” “America will again, and soon, be open for business. Very soon,” Trump said. “A lot sooner than three or four months.” The president of the St. Louis Federal Reserve Bank, James Bullard, said Monday that the government should consider shutting down much of the economy for three months to combat the outbreak. Trump didn’t mention Bullard, but said: “We’re not going to let the cure be worse than the problem.” Trump began discussing how to get Americans back to work last week,…

  • Business

    If you’re depressed about all the money you’ve lost in the stock market, learn to profit from chaos

    As you have probably noticed, stocks are a wee bit more volatile these days. We’ve reached levels of volatility similar to what we experienced during the financial crisis in 2008, and before that, the Great Depression. It’s pretty intense. I can tell you one thing: If you can handle this, you can handle anything. I would characterize any move over 2% in the stock market SPX, +1.15% as large. Ten percent is, well, the largest since the crash of 1987. In a plain-vanilla sense, you are probably wondering how to mitigate the volatility in your portfolio, which is freaking out. You could step into your time machine, go back a few months and buy…

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